Khazna, a Cairo-based financial super app, has become the latest fintech to raise funding for its expansion. The company has secured $38 million in equity and debt financing.
The equity investment was led by Quona Capital. Several other investors, including Speedinvest and Algebra Ventures also participated in the equity round. Khazna’s debt financing is provided by Lendable.
Founded by Omar Saleh, Ahmed Wagueeh, Fatma El Shenawy and Omar Salah, Khazna was launched to increase the adoption of innovative technology in the regional financial services sector. An earned wage access product was launched by the fintech firm in 2020.
“We are much more of a super app than a digital bank because we have, in addition to the financial services, launched multiple non-financial services as well on the app,” said CEO Saleh, responding to questions on whether Khazna is yet another digital bank. "The products are designed and the merchants that we are connected to is all in line with the needs and the interests of low to middle-income Egyptian users.”
“The unprecedented evolution of Egypt’s fintech industry is a testament to the significant efforts by the Central Bank of Egypt towards financial inclusion and a cashless society,” he added.
Fintech Industry
The financial technology sector across Asia and Africa witnessed a boom after the outbreak of the coronavirus pandemic. The adoption of digital financial tools like apps and internet banking has climbed sharply during the last few years.
“In just two years, Khazna has scaled and monetized quickly and is already a market leader in the push for financial inclusion for the 35 million underbanked in Egypt,” Monica Brand Engel, Quona’s Co-Founder, and Managing Partner, said in a statement. “Empowering consumers and micro-businesses with Khazna’s convenient, user-centric, and the transparent financial super app can enable millions across Egypt to gain greater control over their financial lives.”
